Indian Pharma Eyes Pride of Place, Regulation Achilles Heel
India is on track to cement its position next year as a source of safe, effective and quality medicines at affordable prices, but a “growing trust deficit” with the government and regulatory headwinds can pose a serious roadblock to this journey.
The $32-billion generic-driven Indian pharma industry is eyeing a sea of opportunities as global demand for safe and quality drugs rises, especially in developed economies such as the US, the EU and Japan.
Apart from the trust deficit that was in full display in the year passing by, compliance with regulatory norms, particularly with USFDA, continues to be the proverbial Achilles heel for home-grown companies.
“The sector will continue to grow and become a major player in the world market as a source of safe, effective, quality medicines at affordable prices,” Indian Pharmaceutical Alliance (IPA) Secretary General Dilip G Shah told PTI.
- Health Care